JAMAICA’S trade deficit touched a record US$5.4 billion over the first 11 months of 2022 as the Russia-Ukraine war, which sent oil and gas prices spiralling last year, pushed up the cost of fuel imports into the country to almost double that from the prior year.

The Statistical Institute of Jamaica (Statin) in its latest release on the country’s external trade position show total imports reached US$7.1 billion over the 11 months, January to November 2022, up 31 per cent. The value of exports rose as well, going up 23 per cent to US$1.6 billion, as fuel shipped to other countries was valued twice as much as the year before.

Fuel imports into Jamaica over the January to November period of 2022 were valued at US$2.2 billion. That was up 60 per cent from the US$1.4 billion in fuels imported over the same period of 2021. Fuel accounts for just over 30 per cent of all imports into Jamaica.

The food bill, on the other hand, was just under US$1 billion mainly due to higher imports of cereal and cereal preparations, as well as fixed vegetable fats and oils. A 26 per cent increase in the value of raw materials/intermediate goods showed both that their prices increased but also that economic activity increased as well.

While the country does not produce crude oil, it exported US$519 million worth of refined petroleum products over the first 11 months of 2022, a figure which is up 65.6 per cent from a year earlier.

However, earnings from the mining and quarrying sector fell as did agriculture. Mining’s fallout was due to lower exports of alumina which are down 48 per cent to US$191 million. For agriculture, a 6.6 per cent dip in yam exports pulled down total exports by just over one percentage point.